Treasury Announces Availability of $5 Billion in New Markets Tax Credits
October 28, 2015
The U.S. Department of the Treasury's CDFI Fund released the Notice of Allocation Availability (NOAA) for the calendar year (CY) 2015 round of the New Markets Tax Credit Program (NMTC Program). The NOAA makes up to $5 billion in tax credit allocation authority for the CY 2015 round to stimulate economic growth nationwide. The CDFI Fund will host a conference call on Thursday, October 29 at 3:30 p.m. EDT to answer application questions (1-888-469-1239 x 5561021).
Indian Country is a prime candidate for the NMTC Program, which can be used to develop a wide range of community economic development projects. The NMTC Program spurs investment of private sector capital by providing tax credits to individuals or corporations that invest in job creation or make qualified equity investments in designated Community Development Entities (CDEs). The CDEs, in turn, invest the capital raised into projects in low-income communities, including Native American communities.
Applications must be received by December 16, 2015.
For questions or comments, please contact Jennifer Parisien at Jennifer@nafoa.org or (202) 558-8040.